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Electronic Document Management (EDM)

In today’s demanding business environment, Equinox Consulting helps businesses implement global solutions to automate processes and manage customer data electronically. Our consultants consider the specific operating constraints of each organization, model the impact of various solutions, and guide managers through organizational change with the goals of limiting risk and boosting productivity.

Modeling customer-data processing channels to respond effectively to new regulations

Over the past ten years, the banking industry has undergone a significant structural shift towards more customer-driven information channels. As a result, banks must manage massive amounts of data in various formats, ranging from letters and faxes to digital images and e-mail.

Managing this information manually is not only time consuming; it also introduces considerable risks, such as the loss of important documents, which can diminish the integrity and traceability of customer data.

With the advent of regulations such as Sarbanes-Oxley and Basel II, companies must now comply with new rules concerning customer data.

Therefore, to limit risk and enhance productivity companies must manage customer data electronically and integrate the electronic management of customer data into the wider information system.

Banks in particular can take advantage of electronic documentation and data management to capitalize on their customer knowledge and process information more efficiently.

Workflow management applications are therefore closely linked to electronic document management (EDM) tools, and together they can help modernize a bank’s entire data processing chain.

A comprehensive, convergent approach to process automation that covers all relevant success factors

Automated banking processes can generate gains in the near-term, provided that banks migrate their customer data to an electronic format and use their information systems to manage their core business processes. For instance, information systems can be employed to:

• Document and track business processes
• Store and classify all types of documents
• Integrate data processing applications in real-time
• Monitor electronic information flows

Nevertheless, in order to succeed, projects to install workflow and electronic document management software must also address employee-related factors. Such factors could include:

• A smooth workflow broken down into tasks that could potentially be delegated
• A description of the skills and background needed for the persons in charge of these tasks
• Any necessary adjustments to employees’ positions or responsibilities

The key steps in setting up a comprehensive workflow management or EDM system are: modeling the processes involved, integrating software into existing IT systems, and rolling out the target processes.

Equinox Consultants develops project specifications, assesses the potential impacts, models business processes, and provides end-to-end project management services.

We use the following four-step approach:

Outline technical specifications

• Perform a technical feasibility study
• Benchmark and select software
• Prepare a business case
• Generate a proof-of-concept and carry out a pilot runs

Measure the impacts

• Develop and install the selected business process management (BPM) application
• Model and reconfigure processes as needed
• Scale-up for organizations with multiple sites

Determine a target operation

• Assess process performance
• Model the target operation

Manage the project

• Coordinate overall efforts
• Provide support through the change

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Sample projetc

Impact assessment of the transition to a paperless bank for a mid-sized, generalist French bank (15 months)

• We conducted an impact assessment for the transition to a “paperless bank” relying on electronic customer files, and outlined the main scenarios that would allow the bank to achieve its goal in the medium-term.
  
  
• We then developed and implemented a paperless account-opening process, from start to finish. Our consultants performed a feasibility study, determined the project scope, prepared a business case, coordinated the project tasks, listed functional specifications, and oversaw rollout, user training, and change management.